Data Privacy

DATA PRIVACY NOTICE

At Oakwood Asset Management, we are committed to protecting and respecting your privacy. During the course of dealing with us, we will ask you to provide detailed personal information relating to your existing circumstances, your financial situation and, in some cases, your health and family health history (Your Personal Data).

This following information is important as it allows us to explain to you what we do with Your Personal Data, and the various rights you have in relation to Your Personal Data.

 

Your Personal Data

Your Personal Data means any information that describes or relates to your personal circumstances. Your Personal Data may identify you directly, for example your name, address, date of birth, national insurance number.

Your Personal Data may also identify you indirectly, for example, your employment situation, your medical history, or any other information that could be associated with your cultural or social identity.

In the course of providing our service to you we may collect the following personal data:

–        contact information

–        identity information

–        financial information

–        employment status

–        lifestyle information

–        health information

–        product details

–        data about criminal convictions or offences

–        details of any vulnerability

–        details of your dependents and/or beneficiaries under a policy (If you are providing information about another person, we expect you to ensure that they know you are doing so and are content with their information being provided to us. You might find it helpful to show them this privacy notice and if they have any concerns, please contact us.)

 

Information collected from other sources

We also obtain personal data from other sources in the course of providing our services. Where we obtain this information from another party it is their responsibility to make sure they explain that they will be sharing personal data with us and, where necessary, ask permission before sharing information with us.

 The other sources may include the following:

 –        product details from product providers:

–        identity and sanction check information from identification and verification checking agencies

–        Accountant or Solicitor

–        Investment Manager

–        Employer

–        Pension Trustees

 

Special category data

Certain types of personal data are considered more sensitive and so are subject to additional levels of protection under data protection legislation. These are known as ‘special categories of data’ and include data concerning your health, racial or ethnic origin, genetic data and sexual orientation.

We may process:

–        health information and lifestyle information when providing intermediary services in relation to a protection insurance product; and/or

–        any other processing for the purpose of advising on, arranging or administering an insurance contract.

In addition to the lawful basis for processing this information, we will be processing it either (i) for the purpose of advising on, arranging or administering an insurance contract or (ii) for the establishment, exercise or defence of legal claims.

In the course of our activities relating to the prevention, detection and investigation of financial crime, we may process criminal conviction or offence information. Where we do so, in addition to the lawful basis for processing this information set out in the above table, we will be processing it for the purpose of compliance with regulatory requirements relating to unlawful acts and dishonesty.

 

Data provided

We will tell you if providing some personal data is optional, including if we ask for your consent to process it. In all other cases you must provide your personal data in order for us to provide you with intermediary services.

 

How we use your Personal Data

In the course of handling your Personal Data, we will:

–        Record and store your Personal Data in our paper files, mobile devices and on our computer systems (this can include websites, email, hard drives and cloud facilities). This information can only be accessed by employees and associates within our firm and only when it is necessary to provide our service to you and to perform any administration tasks associated with or incidental to that service.

–        Submit your Personal Data to Product Providers, both in paper form and on-line.

–        Use your information to meet our regulatory obligations in the services we provide to you.

 

Sharing Your Personal Data

We may pass your information to our third party service providers for the purposes of providing our services to you. These Third Parties will include, but may not be limited to, life assurance companies, product providers, investment houses and our compliance advisers.

However, when we use third party service providers, we disclose only the personal information that is necessary to deliver the service and we have a contract in place that requires them to keep your information secure and not to use it for their own direct marketing purposes. Please be reassured that we will not release your information to third parties beyond the firm for them to use for their own direct marketing purposes, unless you have requested us to do so, or we are required to do so by law, for example, by a court order or for the purposes of prevention of fraud or other crime.

 

How long your Personal Data will be kept

We are required by legislation and the Financial Conduct Authority rules to retain records for specified periods. These vary dependent upon the nature of the service provided. We will hold your personal information on our systems for as long as is necessary for the relevant activity, or to fulfil our legal and statutory obligations.

 

Your rights

You have legal rights under data protection regulation in relation to your personal data. These are set out below:

–        To access personal data

–        To correct / erase personal data

–        To restrict how we use personal data

–        To object to how we use personal data

–        To ask us to transfer personal data to another organisation

–        To object to automated decisions

–        To find out more about how we use personal data

 

Keeping your Personal Data secure

 We have appropriate security measures in place to prevent personal data from being accidentally lost or used or accessed in an unauthorised way. We limit access to your personal data to those who have a genuine business need to know it. Those processing your information will do so only in an authorised manner and are subject to a duty of confidentiality.

 We also have procedures in place to deal with any suspected data security breach. We will notify you and any applicable regulator of a suspected data security breach where we are legally required to do so.

 

Our Supervisory Authority

 If you are not happy with the way we are handling your information, you have a right to lodge a complaint with the Information Commissioners Office. It has enforcement powers and can investigate compliance with data protection regulation (www.ico.org.uk).

 We ask that you please attempt to resolve any issues with us before the ICO.

 

How to contact us

 If you have any questions or comments about this document, or wish to make contact in order to exercise any of your rights set out within it, please contact:

Dave Gifford

Telephone number 0345 459 4025

Or send an email to info@oakwoodassetmanagement.co.uk

Or write to us at:

5 Rayleigh Road, Hutton, Brentwood, Essex, CM13 1AB.